Summary of Municipal Debt
(Excluding Current Debt)
| YEAR 2012 | YEAR 2011 | YEAR 2010 |
|---|
| Issued - General - Bonds & Notes | $ 31,362,337 | $ 29,200,000 | $ 32,490,000 |
|---|
| Bonds & Notes Authorized Not Issued | | 4,785,392 | 3,453,079 |
|---|
| Net Bonds & Notes Issued | $ 31,362,337 | $ 33,985,392 | $ 35,943,079 |
|---|
The summarized statement of debt condition which follows is prepared in accordance with the required method of setting up the Annual Debt Statement and indicates a statutory net debt of 0.341%
| GROSS DEBT | DEDUCTIONS | NET DEBT |
|---|
| Local School District Debt | $ 94,271,973 | $ 94,271,973 | |
|---|
| General Debt | 31,362,337 | 8,180,143 | $ 23,182,194 |
|---|
| Total | $ 125,634,310 | $ 102,452,116 | $ 23,182,194 |
|---|
Net Debt, $23,182,194 divided by Equalized Valuation Basis per N.J.S.A.40A:2-2, as amended $6,796,954,181 equals .341%.
Equalized Valuation Basis:
2012 $ 6,676,536,785
2011 6,800,491,534
2010 6,913,834,225
Average $ 6,796,954,181
Borrowing Power Under 40A:2-6:
3-1/2% of Equalized Valuation Bases (Municipal) $ 237,893,396
Net Debt 23,182,194
Remaining Borrowing Power $ 214,711,202
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